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Sovereign Wealth Funds Briefing 19.Nov 2014

Posted on 19 November 2014 by VRS |  Email |Print

Bahrain Mumtalakat Holding Co., the Gulf country’s sovereign wealth fund, raised $600 million from the sale of Islamic bonds, according to a person familiar with the deal, as it seeks funds to refinance debt.
The seven-year sukuk will be priced to yield 205 basis points, or 2.05 percentage points, over the benchmark midswap rate, said the person, asking not to be identified because the information is private. The price Mumtalakat paid fell from initial guidance of about 237.5 basis points above midswaps as demand increased, the person said………………………………….Full Article: Source

Posted on 19 November 2014 by VRS |  Email |Print

Bahrain sovereign fund Mumtalakat has launched a $600 million seven-year sukuk at the tight end of its previously-marketed price range, with the sale set to complete later on Tuesday, a document from lead managers said.
The sukuk pricing was last revised to 210 basis points, plus or minus 5 bps, over midswaps, after being marketed initially at 220 bps over the same benchmark guidance. BNP Paribas, Deutsche Bank, Mitsubishi UFJ Financial Group and Standard Chartered are arrangers to the deal………………………………….Full Article: Source

Posted on 19 November 2014 by VRS |  Email |Print

Singapore-based investment company Temasek agreed to help fund new technologies emerging from research at Tel Aviv University, the university’s technology company Ramot said. Temasek agreed with Ramot to invest $5 million in the $23.5 million Momentum Fund, which selected six technologies earlier in 2014 and is in the process of choosing another four to six.
Temasek, which has a portfolio valued at $177 billion, will be a lead investor in the fund along with India’s Tata Industries. The funds will go to a variety of technologies ranging from environment and clean tech to pharmaceuticals………………………………….Full Article: Source

Posted on 19 November 2014 by VRS |  Email |Print

Malaysia’s opposition lawmakers are criticizing rising debt at the sovereign wealth fund as the company plans to sell the nation’s biggest sukuk of 2014. 1Malaysia Development Bhd.’s power unit is seeking to raise 8.4 billion ringgit ($2.5 billion) before year-end, which will increase its outstanding debt to $15 billion, data compiled by Bloomberg show.
The fund, which counts Prime Minister Najib Razak as chairman of its advisory board, attracted criticism last year over fees and profits made by Goldman Sachs Group Inc. for arranging a $3 billion bond. 1MDB is financing projects under Najib’s $444 billion development program, which has pushed Malaysia’s borrowings to 52.8 percent of gross domestic product, near the self-imposed 55 percent limit…………………………………Full Article: Source

Posted on 19 November 2014 by VRS |  Email |Print

The chairman of scandal-ridden 1Malaysia Development Berhad (1MDB) said the move to park funds in the Cayman Islands had yielded a profit of US$488 million (RM1.63 billion) from an initial investment of US$1.8 billion in an oil and gas venture.
This comes in the heels of accusations that the sovereign wealth fund had “lost” the funds after accumulating RM38 billion debts in just five years of its operations. One of its fiercest critics is former prime minister Tun Dr Mahathir Mohamad, who asked Putrajaya to explain how a fund saddled with RM38 billion debt could benefit Malaysians………………………………….Full Article: Source

Posted on 19 November 2014 by VRS |  Email |Print

Overly leveraged is the oft repeated criticism of detractors of 1Malaysia Development Berhad (1MDB), the nation’s strategic development company. Other accusations include the issue of the company’s lack of transparency, a fair demand on a state-owned investment arm. Once the Terengganu Investment Company, a sovereign wealth fund for the state, it was renamed 1MDB in 2009.
When the prime minister announced the name change, he declared that the expansion was meant to benefit all of the population instead of merely the people of Terengganu. And this the country’s investment vehicle will achieve by boosting Malaysia’s economic transformation agenda, the avenue by which the country will become high-income and fully developed by year 2020, at the latest………………………………….Full Article: Source

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